Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare City Index vs CMC Markets.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. CMC Markets received a rating of 5.00 stars over City Index's 4.00 stars.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. City Index and CMC Markets both are regulated in a major hub. City Index and CMC Markets are publicly traded companies. How many currency pairs are available to trade? CMC Markets boasts an offering of 183 different currency pairs compared to City Index's 84 available pairs.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. City Index has Meta Trader, CMC Markets doesn't. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. City Index boasts an offering of 25 charting tools compared to CMC Markets's 24 available charting tools. CMC Markets trails City Index by 65 total different indicators (for example, moving averages), with City Index offering 139 and CMC Markets offering 74.
Overall, both City Index and CMC Markets are rated 4.50 stars. And, when it comes to individual category awards, CMC Markets posted awards Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Active Trading and Best in Class - Mobile Trading in 2018, while City Index found itself with none of these.